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Author Topic: Will Bitcoin encounter the same problems as the Euro?  (Read 1207 times)
manfred
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April 27, 2013, 07:04:15 AM
 #1

If u look at whats happening to the Euro it is evidence that the concept cannot work.  is it possible to have diverse separate sovereign entities with a unified currency. Paying 2 cents or 20 cents per kilowatt hours to get x amount of bitcoins is not level playing field. Aren't the northern, southern Euro issues which kill it, amplified if u spread it worldwide ?

In this view how's a one world currency going to work?
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Snowfire
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April 27, 2013, 11:00:29 PM
 #2

"One world currency" is nonsense anyway. It will not happen. Bitcoin will always exist alongside other currencies, if it continues to  exist, so the question is moot.

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johnyj
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April 27, 2013, 11:54:42 PM
 #3

If u look at whats happening to the Euro it is evidence that the concept cannot work.  is it possible to have diverse separate sovereign entities with a unified currency. Paying 2 cents or 20 cents per kilowatt hours to get x amount of bitcoins is not level playing field. Aren't the northern, southern Euro issues which kill it, amplified if u spread it worldwide ?

In this view how's a one world currency going to work?

The problem with Euro is that the member countries can not print their own money, and they have different culture and financial incentive, one policy which is good for germans (take loan and expand export) might be a disaster for spanish people

But for bitcoin, all the member countries will be able to mine the coins, and none of them is allowed to take a loan, that will ensure much less investment risk

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April 28, 2013, 01:05:00 AM
 #4

Bitcoin mining will run out, then its just for transaction fees.

Countries wont be able to spend more than they own, and they cant create anymore.

The only thing I see as a flaw is the fact you can have a bitcoin coupon.

I.E...

Mtgox has a total of 5 BTC in their balance, but they make a 10BTC coupon.. Or can sell you that 10BTC coupon that you have to hold for 10 years to mature for interest.

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alexeft
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April 28, 2013, 08:35:43 AM
 #5

Bitcoin mining will run out, then its just for transaction fees.

Countries wont be able to spend more than they own, and they cant create anymore.

The only thing I see as a flaw is the fact you can have a bitcoin coupon.

I.E...

Mtgox has a total of 5 BTC in their balance, but they make a 10BTC coupon.. Or can sell you that 10BTC coupon that you have to hold for 10 years to mature for interest.

Fractional reserve banking?
manfred
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April 28, 2013, 07:44:36 PM
 #6

Quote
Fractional reserve banking?
Yes, its not a question if it will happen, but when.
Not only gox any cafe, corner store, pub will issue and top-up the stores anonymous gift card/coupon which can then use to quick pay (instant, no 10min wait) to pay for your banana, beer..... When its empty you transfer next bitcoins to the store he then transfers your available credit to the card. prepaid bitcoin shopping card.  similar to the quick cards used in Austria except its issued by your local pup around the corner and not the bank. different shop different system so it pays to be loyal. There are crafty merchants around u know.

"Quick is an electronic purse system available on Austrian bank cards to allow small purchases to be made without cash. The history of the Quick system goes back to 1994.
The system is aimed at small retailers such as bakeries, cafés, drink and parking automats (but even small discount shops such as Billa accept it) and intended for purchases of less than €400. The card is inserted into a handheld Quick reader by the merchant who enters the transaction amount for the customer. The customer then confirms the purchase by pushing a button on the keypad, the exact amount debited from the card within a few seconds.
As well as the multipurpose bank card version, anonymous cards (also smart cards) are available for the use of people without bank accounts, such as children and tourists. At ATMs, one can transfer money for free between bank cards and the Quick chip (either on a standalone smart card, or contained in the bank card)."
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April 28, 2013, 08:11:33 PM
 #7

www.ecb.int/home/html/index.en.html - < That's why the Euro can't succeed, that and the central bank is printing paper notes just like America, having multiple sovereign nations adopt it has nothing to do with it.
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